建筑行业周报：节后复工复产节奏及趋势如何-20260308

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The recovery and resumption of projects in the construction industry is expected to be stable year-on-year, with a national construction site resumption rate of 23.5% as of March 4, 2026, which is flat compared to the previous year [3] - The ongoing conflict in the Middle East is likely to create new business demands for international engineering companies and building material firms, particularly those with high overseas business ratios [3] - Continued implementation of proactive fiscal policies is anticipated, with significant budget allocations aimed at supporting major projects, which will drive demand for construction materials [3] Summary by Sections - Project Resumption Rates: As of March 4, 2026, the resumption rate for real estate projects is 22.4%, showing a year-on-year increase of 1.5 percentage points, while non-real estate projects have a resumption rate of 23.9%, down by 0.3 percentage points [3] - Impact of Middle East Conflict: The military actions in the Middle East have led to increased oil prices and potential new infrastructure projects, benefiting companies like China National Materials, Northern International, and others [3] - Fiscal Policy and Construction Demand: The 2026 fiscal policy includes a public budget expenditure of 30 trillion yuan, with plans for long-term special bonds to support major construction projects, which will enhance demand for materials like waterproofing and coatings [3]